Lamar Advertising Q1 Profit Declines

(RTTNews) - Lamar Advertising Co. (LAMR) Thursday reported a decline in first quarter profit, despite improved revenue, compared to the prior year.

Quarterly earnings for the operator of outdoor advertising and logo sign displays were $101.19 million, down from $138.66 million last year. On a per share basis, earnings were $1.00, down from $1.35 in the prior year.

Funds from Operation or FFO was $167.8 million, compared to $156.1 million last year. Adjusted funds from operation or FFO increased 8 percent to $177.5 million from $164.3 million a year ago.

On an adjusted basis, EBITDA was $226.3 million.

Net revenue for the quarter increased to $528.00 million from $505.43 million last year.